Important proposed tax amendments that will impact you

Important proposed tax amendments that will impact you

February always represents a busy time of the year for us as the bulk of clients go through their financial year-ends and tax deadlines follow. Having said that, our proactive approach to maintaining your affairs and delivering ahead of time, always puts us in a position whereby we comfortably navigate through February, and high stress situations are kept at bay!

We thank all our clients for their involvement in this process and making it easy for us to make it easy for you! No doubt, the Wingman Team’s traditional 28 February lunch (a symbol of proactiveness) will be well-documented, well-photographed, and well-shared on our social media platforms!

For quite some time now SARS has been circulating proposed amendments to the Income Tax Act which will have an impact on a large base of clients, so please read carefully.

It is proposed that for the years of assessment starting from 1 April 2022 onwards, the utilisation of assessed losses on current year profits, will be limited to 80% of the taxable income for that year.

In a simple example – Current Year Profits R100; Carried Over Assessed Loss R500. Only R80 of the assessed loss will be applied to the current year profits, and the remaining R20 of current year profits will be taxable.

If you have not paid Income Tax in prior periods due to carried over assessed losses, please note that this situation will change and you will now be paying income tax on a portion of the current year earnings, regardless of carried over assessed losses. Please talk to your Wingman for further insights into these changes and how they will impact you.

Wingman is proud to announce our partnership with Capitalise.

Capitalise is here to solve your business financing needs. Using statistical analysis into your Xero account data, Capitalise is able to provide insights as to your ability to obtain finance, key metrics to improve for future expansion plans and lastly give you access to the market leading lenders in the South African SME landscape.

Given your with Wingman, you can rest assured, high quality inputs are being delivered and you’ll know all the answers to your funding questions through this partnership. We look forward to rolling this out across our client base; and are proud of this partnership and the value it will add to our clients

It’s been a pleasure working with Cobus and Rob from Fraser McGill. In just a short 5 years this company has started from scratch to over 40 advisory professionals, servicing blue-chip clients across Southern Africa.

Although FM works on a hybrid workplace model, they recently moved into their new corporate offices, creating a beautiful space whereby the team can collaborate and ‘make contact’ with other team members. We’re proud to be called your Wingman and to have been part of this great journey; ensuring that we have solved at least one of your problems while scaling and maintaining excellence in delivering to your client

“Wingman has been instrumental in our growth. As an aspiring start-up, they have allowed us to focus on the key things that matter during establishment.
5 years later, and more than 6 times our original size, Wingman’s contribution to our business has become invaluable. They are the best wingmen and
“wing-ladies” you could ask for.” 

– Cobus Fraser –